The Dubai property developer Nakheel dismissed concerns over its debt burden as it unveiled a Dh2.02 billion (US$549 million) profit for last year. The company, which restructured debt and received financial assistance from the Dubai Government following the property crash four years ago, said profits were 57 per cent higher than the previous year.
Revenues stood at Dh7.8bn, up 91 per cent on the previous year. The developer disclosed its financial results the day after Exotix, a boutique investment bank with offices in Dubai, cut its rating on Nakheel’s sukuk bonds to “sell”. It warned in an advisory note that the bond was no longer pricing in the risk of a default...............................................Full Article: Source